本公司及董事会全体董事保证本公告内容真实、准确和完整，不存在任何虚假记载、误导性陈述或重大 遗漏。 为进一步优化公司治理结构、提升决策效率、降低治理成本，强化公司治理主体责任，规范公司的组织 和行为，本公司根据2024年7月1日起施行的《中华人民共和国公司法》（以下简称"《公司法》"），结 合经营管理实际情况，对《上海国际信托有限公司章程》（以下简称"《公司章程》"）进行了修订。本 次《公司章程》修订的主要内容包括明确公司不设监事会、监事，《公司法》规定的监事会职权由董事 会审计委员会行使；同时，根据《公司法》的修订对《公司章程》相关内容进行修订。 本公司于2025年10月22日召开2025年股东会第2次临时会议，审议通过《关于提请审议撤销监事会并修 订〈上海国际信托有限公司章程〉的议案》；于2025年12月4日收到《国家金融监督管理总局上海监管 局关于上海国际信托有限公司修改公司章程的批复》（沪金复〔2025〕780号）；于2025年12月26日在 上海市黄浦区市场监督管理局完成章程修订及监事会撤销的登记备案手续。 特此公告。 上海国际信托有限公司 2025年12月29日 本次《公司章程》修订后，公司不再设 ...

作者 |崔峻阳 编辑 | 袁畅 在低利率逐渐成为常态之后，一个有些"奇怪"的行业现象开始出现。 一方面，面向大众的现金类工具，回报越来越接近，功能也越来越趋同。 另一方面，一些只在大型券商高端理财货架上出现、主要面向私募客户的产品，却在"放现金"这件事上，走出了完全不同 的路径。 原本最应该简单透明的"现金"，开始被放进更复杂的安排之中。 这种变化并不张扬，也很少被单独拿出来讨论，却正在悄然发生。 对于一部分资金来说，"放在哪里"不再只是收益高低的选择，而是进入了另一套运行体系。 01 闲钱产品中的"例外" 当前低利率环境下，那些暂时不用、但随时能取的钱，放在哪种产品里，回报已经差不多。 资事堂注意到，中金公司旗下的财富平台上，一款名为"现金宝"的产品在同类现金类产品中显得较为突出。 该产品全称为"外贸信托-中金现金宝XX号集合资金信托计划"，下文简称为"中金现金宝"。公开资料显示，该产品面向私募 类高净值客户开放， 七日年化收益率可达1.9%（截至2025年12月25日）。 这一收益表现的"突出"，来自与当前主流现金管理工具的直接对照。 截至目前，国有大行一年期定存利率已降至1%以下，五年期定存利率约为1. ...

12月26日，在《证券日报》社有限责任公司举办的"2025证券市场年会"上，华鑫信托党委书记、董事长 朱勇在发表题为《耐心资本投资AI产业的指数法则》的演讲时表示，金融机构应运用指数法则，培育 耐心资本，践行长期主义，以金融活水助力AI（人工智能）产业发展。 朱勇介绍称，指数法则又称"幂律分布"或"二八定律"，是风险投资领域普遍适用的规律。"之所以叫指 数法则，是因为少数几个成功项目所获回报，足以覆盖整个基金其他项目亏损之余，还剩余超额收 益。" 三是在项目维度，对于热门项目，资本不再稀缺，新技术才是稀缺资源并拥有最终话语权。AI投资的 关键在于寻找独角兽，打出"全垒打"。 四是在空间维度，正视长尾不确定性，将其视为机遇。指数法则对应的概率分布形态是幂律分布，与传 统投资收益率呈现正态分布不同，风险投资的标的价格变化是高波动、不对称、难以预测的。因此，要 做耐心资本，享受正向不确定性带来的意外之喜。 五是财富增量比财富存量更加重要。为了获取财富增量，要做到本金安全，让财富流动起来，发挥复利 效应，充分认识指数法则的威力。在指数法则下，成功企业未来现金流即使在折现后仍有较大价值，企 业的价值随时间而壮大。因此， ...

目前，昆仑信托各项经营指标持续向好。2025年，该公司产融转型进一步走深走实，业务结构实现优 化，产融收入占比显著提升。 "另一种能力是产品运作能力。"王峥嵘表示，除了产融业务外，昆仑信托在标品信托业务上持续发力。 一方面，在产品线和客户结构上不断完善，已建成覆盖"现金管理、纯债、'固收+多资产'、权益/FOF （基金中基金）"四大类别的产品矩阵，适配不同客户风险偏好与期限需求。另一方面，构建"宏观研究 +行业分析+个券筛选"三级投研体系，通过FOF、ABS（资产支持证券）等金融工具，强化资产端配置 和风险管控能力，打造"投研+配置+服务"闭环，为高净值客户提供跨市场、多资产、定制化方案，形 成资管与财富相互引流的良性循环。 12月26日，在《证券日报》社有限责任公司举办的"2025证券市场年会"上，昆仑信托党委书记、董事长 王峥嵘在发表题为《以"本源"链接"能源"，昆仑信托破局之道》的演讲时表示，近年来，随着资本市场 改革持续深化，信托业作为国内唯一具备横跨货币市场、资本市场、实业市场融通功能的金融主体，制 度优势日益凸显。当下正是行业转型发展的战略机遇期，有挑战更是机遇，应回归受托人本源，以提升 主动管理 ...

Core Viewpoint - The National Financial Regulatory Administration has issued the "Management Measures for Information Disclosure of Asset Management Products" to standardize information disclosure for trust products, wealth management products, and insurance asset management products, enhancing investor rights protection and reducing information asymmetry in the investment market [1][2]. Group 1: Regulatory Framework - The new measures aim to unify the information disclosure standards across asset management trust products, wealth management products, and insurance asset management products, addressing inconsistencies in current regulations [2][3]. - The measures consist of six chapters and thirty-five articles, covering the entire lifecycle of asset management products, including fundraising, ongoing management, and termination [2][3]. - Key requirements include clear product descriptions, performance benchmarks, and regular reporting on net asset values and investment performance to ensure transparency and accountability [2][3]. Group 2: Impact on the Industry - The introduction of stricter disclosure requirements may increase compliance costs for asset management institutions, particularly smaller firms, but it also allows for differentiated competition within a unified framework [4]. - Enhanced transparency is expected to lower information asymmetry in investment decisions, thereby boosting market confidence and directing funds towards well-managed institutions [4]. - The insurance asset management sector has become a significant player in the asset management industry, with insurance funds accounting for 21% of the total asset management scale, which reached 174.50 trillion yuan by mid-2025 [5]. Group 3: Future Directions - Insurance asset management institutions are encouraged to focus on serving the insurance sector while considering the expansion of third-party services [6]. - There is a need for these institutions to deepen their engagement in long-term fund management, particularly in pension funds, while enhancing their market competitiveness through technology and transparent product offerings [7].

12月26日，由金融界主办、宁波银行支持、清华大学经济管理学院中国金融研究中心提供学术支持的"启航·2025银行业高质量发展年会"在北京成功举办。 本次年会以"凝心启新，聚力致远"为主题，汇聚监管专家、学界精英、行业领袖及科技企业代表，围绕服务实体经济、数字化转型、AI+金融创新、风险防 控等议题展开深度讨论，为银行业高质量发展建言献策。 金融界银行研究院院长陈国汪在谈及金融业错位发展时指出，随着经济增速承压、行业竞争加剧、房地产市场深度调整，叠加各类金融机构跨领域业务渗 透，同质化商业模式已难以为继，重构竞争优势、实现高质量发展成为金融业必须破解的核心命题。 在"十五五"期间重构行业竞争优势，打破在以前形成的同质化竞争的商业模式的时代背景下，错位发展绝非选择题，而是金融业立足长远的必答题。他强 调，所谓错位发展，绝非离经叛道、偏离主流，其核心要义在于找准自身优势与定位，立足自身比较优势深耕细作，打造差异化特色竞争力，这是未来五年 乃至更长周期金融业高质量发展的关键路径。 从行业实践来看，不同金融业态的差异化探索，已为错位发展提供了生动范本。以信托行业为例，曾被认为"神秘遥远"，如今已深度走入千家万户，尤其是 ...

Core Viewpoint - The phenomenon of "bad money driving out good" is currently evident in the elderly care market, with frequent cases of fraud disguised as "housing for elderly care" and "elderly subsidies," while genuine "housing for elderly care" products struggle to gain traction [2] Group 1: Trust-based "Housing for Elderly Care" - The first case of trust-based "housing for elderly care" faced challenges in replication and promotion, with the insurance version of "housing for elderly care" having completed less than 300 cases in over 10 years [2][3] - Housing assets constitute over 60% of urban residents' family assets, yet many properties do not generate positive cash flow, highlighting the need for effective financial tools to promote "housing for elderly care" [3] - The pilot program for real estate trust registration has begun in six cities, providing a new avenue for trust-based "housing for elderly care" to serve ordinary families [3][4] - The first case of real estate trust registration involved a 70-year-old woman securing her only property for her autistic son, demonstrating the potential of real estate trusts in providing stable financial support for special needs care [3][4] Group 2: Challenges in Implementation - The real estate trust model faces significant promotion challenges, including issues with tax burdens due to repeated taxation during property transfer and unclear tax obligations for trust entities [4][5][6] - The lack of a "non-transaction transfer" system for real estate trusts leads to double taxation, complicating the establishment and management of these trusts [5][6] - Local governments are exploring solutions, such as a charity trust in Beijing that subsidizes tax costs for families establishing real estate trusts, indicating a collaborative approach to address these challenges [6] Group 3: Insurance-based "Housing for Elderly Care" - The insurance version of "housing for elderly care" has been in practice for over 10 years but has not achieved significant uptake, with only one company actively offering the product [7][8] - The model allows elderly homeowners to convert their property into a source of lifelong pension, yet many potential clients face barriers such as age, property suitability, and resistance to purchasing [8] - The insurance model also encounters challenges, including long project cycles, cash flow pressures, and risks associated with property value fluctuations [8] Group 4: Development Opportunities - Both trust and insurance versions of "housing for elderly care" have made progress but still face barriers to widespread adoption, including public awareness and institutional design [9] - Experts suggest enhancing policy and legislation, introducing guarantee mechanisms, and diversifying the forms of "housing for elderly care" to stimulate market activity [10] - The potential market for reverse mortgage products exists, with significant demand among elderly homeowners, indicating a need for improved product offerings and tax policies to avoid double taxation [9][10]

Core Viewpoint - The China Wealth Management 50 Forum 2025 Annual Meeting emphasizes the theme of "Building a Financial Powerhouse in the 14th Five-Year Plan" and discusses the challenges and opportunities presented by the low interest rate environment in the asset management industry [1][7]. Group 1: Market Trends and Investor Behavior - The low interest rate environment has significantly shifted investor demand, leading clients to reduce real estate allocations and increase investments in financial assets. There is a growing demand for risk isolation and wealth planning rather than solely focusing on single product returns [3][9]. - The long-term low interest rate period in the U.S. from 2008 to 2022 saw a rise in the proportion of financial assets from 35% to 66%, with stock and mutual fund allocations increasing from 11% to 22%. The S&P 500 index achieved an annualized return of approximately 11% during this period [4][10]. Group 2: New Business Models and Services - Asset management institutions are encouraged to embrace new trends in the capital market, which can provide stable investment returns. The insurance sector has increased its allocation to stock funds, reaching 4.74 trillion yuan, a year-on-year increase of nearly 1 trillion yuan [4][10]. - Differentiated asset management services are being developed, with public funds focusing on ETF products, which have grown from a trillion-level scale in 2020 to 6 trillion yuan this year, with an increase of 2.2 trillion yuan in the current year [5][11]. - The trust industry is seeing a transformation with the introduction of asset service trusts, which have redefined the core functions of trusts, leading to a significant scale effect. As of June this year, the total scale of trust assets reached 32 trillion yuan, with service-type assets exceeding 11 trillion yuan [5][12]. Group 3: Meeting Diverse Client Needs - The demand for wealth inheritance and security is increasing, with the potential for residents to inherit assets reaching 20 trillion yuan. The trust industry aims to provide diversified asset allocation solutions to meet these evolving needs [6][12]. - The industry is focusing on long-term client relationships and providing multi-asset cross-cycle allocation strategies, embodying the buy-side advisory concept [6][12]. Group 4: Technological Empowerment - Financial technology is expanding the possibilities within the asset management industry. Integrating data models and decision-making processes through AI and information technology is essential for enhancing asset management capabilities unique to China [6][13].

在创业投资领域，江小涓进一步分析，除传统科创投资外，产业创投资金与政府创投资金均是科创金融的关键力量，这类资本兼具战略投资与耐心资本的特 征，为科技创新提供了稳定且可持续的资金支持。 "当前产业端在合作中已不再处于弱势地位，反而具备了自主选择投资者的主动权。"江小涓提醒金融业需树立紧迫感，必须加快市场化、数智化、国际化转 型步伐，自身做得好才能抓住我国科技创新带来的新机遇，拓展自身的发展空间。 岁末启新，共谋发展。在"十四五"收官与"十五五"开局的关键节点，由金融界主办、宁波银行支持、清华大学经济管理学院中国金融研究中心提供学术支持 的"启航・2025银行业高质量发展年会"于12月26日在北京成功举办。本次年会以"凝心启新，聚力致远"为主题，汇聚监管专家、学界精英、行业领袖及科技 企业代表，围绕服务实体经济、数字化转型、AI+金融创新、风险防控等核心议题展开深度讨论，为银行业高质量发展建言献策。 锚定高质量发展核心方向 会上，多位行业专家从宏观视角与专业维度精准施策，为银行业高质量发展锚定方向。中国银行业协会副秘书长殷有祥在致辞中指出，银行业作为国民经济 的核心，是服务实体经济的主力军、防控金融风险的主战场、 ...

"今年以来，我国资本市场经受住了多重考验，市场功能有效发挥，市场韧性持续增强，抗风险能力显 著提升，实现了规模有序增长与发展质量跃升，有力支撑了经济社会发展大局。"中国上市公司协会党 委委员、副会长余辉说。 中金财富证券党委委员、执委会委员、副总裁陈明表示，在大众财富管理市场上，要扩大服务半径，提 升个体的服务质量，必须借助于以AI为代表的金融科技的力量。 华鑫信托党委书记、董事长朱勇也表示，金融机构是理性的机构投资者，迎接AI时代的技术创新需要 与时俱进，用新方法构建新趋势。并从"指数法则"角度，指出投资于AI领域资本的五方面启示：第一， 在时间维度上，做耐心资本；第二，在风险维度上，要求有高容错的宽松投资环境；第三，新技术拥有 最终的话语权，在AI投资中比投资于物更重要的是投资于人；第四，在空间维度上，享受正向不确定 性馈赠的意外之喜；第五，财富增量比财富存量更加重要。 期货日报网讯(记者肖佳煊)12月26日，证券日报社主办"2025证券市场年会"，以进一步探讨资本市场改 革发展新路径，激发创新活力，共同展望行业新未来。 "十五五"新征程即将开启。《中共中央关于制定国民经济和社会发展第十五个五年规划的建议 ...